4-5 Andy Ash Liquidity, buybacks and

insider selling The lack of core trading liquidity appears to continue to wane. The last two expiries, December and the recent March one, have seen the highest daily  Expiries are where it’s at. The March expiry coincided with some FOMC revelations that multiplied the intrigue.

6-7 Lauren Judd Battle lines being drawn?

16-17 Eddie Tofpik The Careful Application of

 …the trick is not to be around when 


Alan Bush The “Global Central Bank”

30-31 Maksym Bozhok Ukrainian Farmers and

Future Opportunities Ukraine has a strong agricultural heritage. According to The World Factbook, Ukraine used to produce more than a quarter of the agricultural output in the Soviet Union.

The Huawei problem Previously in The Ghost in the Machine  social media on commodity driven business as well as the tenuous relationship between the United States and China.

8-11 Marc Ostwald Market views binary, Reality

is every shade of grey Q1 2019 provided a quite startling contrast to Q4 2018 in terms of the performance of many asset classes, even if the overarching narrative of incoming economic data, earnings reports and extant political risks has for choice been a case of ‘wash, rinse, repeat’. Or has it?

12-13 Mickael Soussant  crude oil export ban has 

crude oil Four years after the end of the U.S. crude oil export ban; boosted by the shale oil boom and OPEC’s  shipping across the Atlantic has now reversed.

14-15 Colin Bysouth Quantitative Easing –

and Stock Index Futures Of course, there is no such thing as the “Global Central Bank,” but if there was, and I am not advocating for one, it should be leaning toward the side of accommodation.

20-22 Rohan Ziegelaar Sweet Spot for

32-33 Alberto Peixoto  cheapest and most clever

Options Hedgers Commercial hedgers in the metals and energy markets enjoy a wide range of ideas, which isn’t the case across all agricultural markets, with some lacking basic levels of options activity.

23 ADM UK Event 2019

and not the largest! We learnt in school that in the species evolution the strongest survives. We then learnt in our professional lives that the smartest and well-funded companies tend to survive and grow. Being right when the world is wrong requires patience and working capital.

34-35 Tom Hicks


Feeding your food business Nutrition in the Digital Age

24-25 Rejeana Gvillo The Year Russia Did Not Limit Wheat Exports but

 I have always found it bizarre that buy side Asset Managers only care that you know your fundamentals and hold a CFA. Technical analysis is largely either unknown or regarded as some sort of wizardry or cosmic skill - or worse still, just drawing random lines on charts.


Reduced Feed and Residual Russia’s wheat production was forecast at 72 million tonnes in May by the United States’ Department of Agriculture (“USDA”) with exports forecast at 36.5 million tonnes.

26-28 Blu Putnam

About ADMISI 38-39

The Ghost In The Machine Library

The Three Bears The U.S. economy, as well as global trade, appears to be decelerating into  pressure to be observed in any of the major industrial countries.

Friend or Foe? Quantitative easing (QE) was pioneered in its current form at the turn of the century by the Japanese, and adopted by a number of central banks in the wake of the 2007 global 

3 | ADMISI - The Ghost In The Machine | March/April 2019

Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40